Debt is one of the biggest problems facing American consumers these days. The spending habits of Americans have been less than stellar in the past few years. The majority of American consumers also carry revolving credit card debt due to high credit card spending. With the economic and employment crisis, American consumers got into debt more and more.
If you are one of those who have been affected by the widespread debt problem, you might find these practical guides to getting yourself out of debt useful.
Before you can begin digging yourself out of debt, you first have to review your financial status and see how deep you really are in. Knowing exactly what debts you are facing and what your income status is will help you get a clear picture of how you can manage your finances.
You should start with making a list of all your debts. Write down as many details as you can such as the size of the debt, the interest rate and others. You want to make as clear a picture as possible of all the debts that you owe.
Once you have your list, you should be able to pinpoint which debts need to be paid faster. As a rule, the higher the interest rate of a debt, the faster you have to pay it off. If you have debts which are secured against your property, make sure to prioritize that so you don't lose it.
As a consumer, you have many avenues to turn to if you are looking for financial advice. One of the best ways to get advice is through credit counselors. These people can help you analyze your entire financial setup, beyond what debts you have, and give you advice on how you can solve your financial problems. They can even talk to creditors for you to arrange for better terms. Best of all, they work for minimal pay or even free.
The government is well aware of the financial situation of American citizens and is providing some financial support lines for them. If you are a pensioner or you've just lost your job, try visiting entitledto.com to see if you are eligible for government benefits.
If you have been carrying your debts for a while now, you have probably been subject to some bullish calls from your creditors. Do not get too rattled by these. This is one of the reasons why it is important to get advice from professionals regarding your debts. They can inform you of what your rights are and the limits of how creditors can collect their money. Being informed of your rights will also prevent you from getting scammed by unscrupulous people looking to make money off people having debt problems as well.